Nigeria’s total public debt stock neared N150 trillion as of the first quarter of 2025, according to the latest data from the Debt Management Office (DMO).
It was disclosed that the country’s debt increased by 3.3 per cent or N4.72 trillion quarter-on-quarter to N149.39 trillion as of March 2025 from N144.67 trillion as of December 2024.
This amount was owed by the federal government at the centre, the 36 states of the federation and the Federal Capital Territory (FCT).
The DMO data showed that of the N78.56 trillion total domestic debt obligations of the federal and state governments as well as the FCT as of March 31, 2025, the federal government accounted for the chunk of N74.89 trillion while the balance of N3,869 billion was for the states and FCT.
Looking at the debt instruments that constituted the federal government’s N74.89 trillion domestic debt obligations, FGN Bonds accounted for N59.796 trillion or approximately 80 per cent (79.85 per cent), trailed by the Nigerian Treasury Bills (NTBs) with N12.699 trillion or 16.96 per cent, and FGN Green Bond with N15 billion (0.02 per cent).
This debt instrument is expected to rise with the recent issuance of N50 billion Series 111 Sovereign Green Bond by the DMO, which attracted an oversubscription of N91.42 billion, and the eventual allocation of N47.335 billion to subscribers at a coupon of 18.95 per cent per annum.
Another debt instrument captured as contributing to the FGN domestic debt obligations as of March 31 were promissory notes at N1.301 trillion or 1.74 per cent.
The DMO also noted that local currency denominated promissory notes stood at N271.418 billion, while foreign currency denominated accounted for N1.029 trillion.
FGN Sukuk contributed N992,557 billion or 1.33 per cent, FGN Savings Bond stood at N82.614 billion or 0.11 per cent, FGN Naira Bonds contributed N58,387 trillion, and FGN US Dollar Bonds accounted for N1,409 trillion.
Lagos State remains the most indebted state with N874 billion, followed by Rivers State at N364,393 billion and Delta State at N204,724 billion, while the least indebted state was still Jigawa State at slightly above N1 billion.